ABC marks steady
increase in business
Though comparatively new to the Insurance Business in Sri Lanka,
ABC Insurance has been able succeed in a specialised market
showing an increase of 300 percent in business in the first
quarter of 2008, said Vinnie Gunasekera, Managing Director, ABC
Insurance Co. Ltd. addressing a press conference, held at Hotel
Gladari last week.
He said that, they were quite different from other insurance
companies, as they were more biased towards rural insurance. He
said that in rural Sri Lanka around 70 percent were low income
deriving farmers, and in that group even fishermen were
included. To penetrate into this market, they rapidly grew and
within these three years, they were able to set up 17 branches.
By the end of this year, ABC was hoping to establish another two
branches, and by the end of 2009, ABC Insurance hopes to
complete their countrywide penetration. ABC is concentrating on
low income group rural insurance, and already they have got more
than 1,000 fishermen, under their insurance network.
ABC’s strength has been their staff comprising over 250 in-house
employees backed by 650 field staff. Their branch network covers
12 districts in the country. They are fully committed to provide
customer-centric services, to the masses. Their customer
strength has grown to, over 25,000 in general and life insurance
ABC Group of Companies is around 25 years old, and they are
involved from airplanes to the motorcycle. As such, they have
made a huge contribution to the national economy.
They have introduced special insurance policies for farmers,
peasants, agriculturalists, security forces and fisheries folk.
They have a strong belief that,they are the lifeblood of
development of the country.
Through their unique insurance policies, they have provided
benefits to people working in the high risk fields, thereby
securing the future, of their dependants. ABC Insurance provides
sponsorships, for national level sports events, as well as
ABC Insurance performances are: 2006 grow over 2005 – 634
percent; 2007 growth pending audit – 195 percent; General
Insurance growth – 300 percent and growth, as a whole, showed an
increase of 195 percent (before auditing).
PABC Bank - champions at
the Inter-bank quiz competition 2008
PABC BANK emerged winners at the Inter-Bank Quiz competition
conducted by the Association of Chartered Bankers of Sri Lanka
Trust, held at the Galadari Hotel on April 5, 2008.
Twenty Nine teams representing all major banks in the country
participated at this annual event to compete for this
prestigious award for the 17th consecutive year. The competition
covered wide areas including Banking / Finance / Current Affairs
/ Sports and Entertainment.
The team fielded by the Bank to compete at the Inter–Bank Quiz
competition was led by Prasad Fernando and the team comprised of
Nirmalath Fernando, R.Naguleswaran H.J.Umaharan and Navodaya
The Bank’s Assistant General Manager–HR Development, Amitha
Samarasinghe says that development of staff is one of the major
areas for which priority is given by the bank and further adds
that they conduct Internal Quiz Competitions as well, as an
annual event. PABC continuously encourages its staff to develop
their inbuilt talents for the benefit of the institution in
achieving its Corporate Vision. PABC takes great pride in the
achievement of winning this title for the 2nd time in 04 years.
Bank lends a hand to Thalasemia patients
Sampath Bank Limited helped an Entrepreneur, who is
manufacturing a Medical Infusion Machine, needed for Thalasemia
This machine was originally imported for a cost, which is about
three times higher than the locally manufactured machine, and
this Thalasemia disease is spread in Kurunegala and Anuradhapura
Most of them are children and they are not rich, thus they are
unable to meet the high cost of medicine required for this
Canadian Health Association and Thalasemia Association have
accepted this, as a suitable machine for the patients, since it
is manufactured locally, for the same International standards.
Highest interest rates combine
with super convenience
Simplicity, accessability and
convenience from ICICI Bank
“Unbelievable as it sounds, ICICI Bank has made banking Simple,
Accessible, Convenient and Hassle Free, so much so that even
your kids will find banking fun and what’s more, when you bank
with us, you don’t have to go to the Bank as the Bank comes to
you” said Sachin Sikka, Senior Vice President and Head of Retail
Banking, ICICI Bank Sri Lanka.
“For instance, our 12% Savings Account has no special conditions
or slabs unlike other products currently available. You may have
Rs.100 in your account or Rs.10 million, you still earn 12 %
interest, furthermore you can make as many withdrawals as you
wish, it does not affect the rate of interest, and neither is it
subject to any particular investment period.”
All that ICICI Bank customers have to do when they need to make
a withdrawal is to access the over 1000 Visa enabled ATMs around
the country which are available to them at no extra charge. “Our
customers do not need to keep a track of the location of their
ATM as they can access any of the 1000 Visa enabled ATMs spread
across the island at no extra charge, thus maximizing customer
Door Step Banking is yet another example of ICICI Bank’s efforts
to make banking easy, convenient and hassle free.
“At ICICI Bank we believe in empowering our customers, in this
case the entire family. We have focused on providing convenience
to our customers; hence we have introduced Doorstep Banking.
Under this service, the customer no longer has to come to the
bank, instead the bank goes to the customer; whether it is to
enact a fund transfer, get a new cheque book, or basically just
any banking matter other than a cash deposit” said Sikka.
For added convenience, ICICI Bank also has installed ‘Drop
Boxes,’ a total of 13 at all IOC petrol sheds where customers
could drop in their banking requirements with the assurance of
them being attended to in 24 hours.
ICICI Bank prides themselves on their all inclusive, simple,
convenient and hassle free approach to banking, which caters to
customers across the board.
“We are a customer friendly bank which aims to make banking
simple and convenient and by continuing to offer our customers
such facilities we are living up to our promise that ICICI Bank
is the bank that empowers the customer.”
According to Country Head Prem Thampi, “ICICI Bank would
continue to add more products and services to our basket in line
with the Banks above mentioned strategy of convenience and
Commercial Bank opens 164th Branch in Wadduwa
The Commercial Bank of Ceylon has opened its 164th branch in
Wadduwa, in a spacious building with ample parking facilities.
The new branch at No. 543, Galle Road, Wadduwa, is linked to all
other Commercial Bank branches and the 22 supermarket Banking
Centers islandwide permitting online real-time banking. It is
also equipped with an ATM linked to over 300 ATMs of Commercial
Bank, and over one million ATMs belonging to the Cirrus and Visa
Ceylinco Life announces
‘Retirement Planning Month’
Planning, a relatively under-developed sphere in Sri Lanka, has
become the latest area of focus, for Life Insurance leader
Following the success of its ‘Life Insurance Week’ programme, in
February this year, the company has now announced, an initiative
to declare a ‘Retirement Planning Month’ (RPM), to promote
retirement planning in the country.
Scheduled to be observed from May 1st-31st, the ‘Retirement
Planning Month’, will be preceded by mass media campaigns,
focusing on the need for retirement planning, targeting existing
policyholders, as well as all working people in general, the
Explaining the reasons, for the company’s decision, to launch
this initiative, Ceylinco Life’s Chief Executive Director R.
Renganathan said: “The penetration of retirement planning in Sri
Lanka, is even lower than, that of life insurance, even though,
the population is ageing. We think, that there should be greater
public awareness, about the need for retirement planning, It is
an urgent requirement.”
During the Retirement Planning Month, nearly 4000 Ceylinco Life
personnel will be deployed islandwide, to discuss retirement
planning, with people of all walks of life. “The company has
developed a new module, to conduct need analyses, for retirement
planning and has set itself, the target of completing 400,000
need analyses, during the month,” Renganathan said.
The company will also distribute leaflets, that will help people
understand, retirement planning and the need for it, conduct
street promotions and give every person, who obtains a
retirement plan during this period, an attractive gift.
The initiative will be supported by outdoor banners, pennants
and interactions, at branch level, across the counrty.
Sri Lanka’s most successful life insurer, Ceylinco Life, ended
2007 with a premium income of Rs 6.8 billion, an increase of
more than Rs 1.1 billion, over the previous year. The company’s
Life Fund exceeded Rs 16.8 billion, as at December 31, 2007.
Bank among ‘Top Ten’
one of the fasted growing commercial banks in Sri Lanka, was
ranked 8th, among the top 10 Sri Lankan Companies, for the
financial year 2006 – 2007, recently chosen by the leading
business magazine “Business Today”.
Since 1979, NDB Bank has been one of the largest sources of
medium and long-term project finance, for business in Sri Lanka.
In 2001, NDB Bank entered the commercial banking arena.
NDB Bank made its comeback, resulting from an 84% growth in
profits of the NDB Group. Profits from core banking business,
contributed to the healthy performances of the bank, and Capital
Gains to the tune of Rs. 1,016 million contributed to its
exceptional increase in profits. The Capital Gain was realised,
from the sale of Capital Investment and Development Company, a
subsidiary of NDB, as part of its holding NDB Finance Lanka
Ltd., the holding company of Eagle Insurance Co. Ltd. , to Aviva
International Holdings Ltd.
With long-term sustainable returns, the bank has done well, in
terms of profitability and has a quality portfolio, with the
lowest Non-Performing Loans in the industry, among local banks.
The bank’s low cost income ratio, among local banks, also
reflects its stability, while the growth in its deposit
mobilisation, demonstrates the rapid expansion of its
distribution network. NDB Bank is also well capitalised, with a
strong balance sheet.
NDB Bank has the strength and diverse resources, to offer its
customers, a very wide-ranging portfolio of financial solutions,
including funding for structured and corporate finance deals,
project financing, SME financing, retail banking, treasury, cash
management services, trade finance operations and advisory and
services through a rapidly expanding branch network, which
currently consists of 40 branches.
The bank has developed a reputation, for innovative banking
products and services, that meets the real needs of its
customers, and offers a wide range of commercial banking
services, which include, Current Accounts, Call Deposits,
Privilege Banking, Savings Accounts, Children’s savings,
Vishmitha savings account with zero percent interest, Housing
Loans, Bancassuarance and Western Union Money Transfer Services.
These products and services are backed by efficient electronic
processing, and multiple delivery channels, operated by teams of
highly experienced banking professionals, ATM’s state of art
Internet Banking Services and Touch Banking by phone.
In addition, as part of the NDB Group, the customers have access
to the products and services of the Group, including insurance
from Eagle insurance company, stock brokering from NDBS
stockbroker and Investment Banking from NDB Investment Bank,
among others. Innovation and technology have been the hallmarks
of NDB Bank, and the rapid expansion of the branch network, has
helped the customers, to enjoy an excellent service, from its
highly customer oriented staff. In addition to the wide array of
products, NDB Bank introduced an innovative product - ‘eZ Pay’,
South Asia’s first mCommerce (Mobile Commerce) initiative, which
is a revolutionary service, that allows consumers to purchase
goods, pay bills, transfer money and perform banking
transactions via their mobile phones.
Sampath Bank breaks new
ground in Chilaw
Bank further strengthened its presence by inaugurating its
latest branch at No.64, Colombo Road, Chilaw.
Sampath Bank being the leader of information technology in the
local financial services industry and with a strong established
presence in the Sri Lankan market will now cater to the utmost
satisfaction of the customers in and around Chilaw area who are
likely to enjoy these enhanced banking facilities.
This branch is now connected to its island–wide network of
electronically linked branches providing the most advanced
‘CTA Schaffter Award’ for scholars of Wayamba
In recognition of his
invaluable contribution to insurance in Sri Lanka, and,
Janashakthi Insurance Co Ltd which he founded 14 years ago, the
company’s management in collaboration with the Wayamba
University of Sri Lanka recently launched an awards scheme in
honour of C.T.A. Schaffter.
“The CTA Schaffter Award”, as it has been called, will be
awarded annually to the top three students who excel in the B.Sc
(Hons) degree programme, in Insurance and Valuation at the
Wayamba University. This newly launched programme comes at a
time when Sri Lanka needs fully fledged professionals, in the
spheres of insurance and valuation. This year, the course will
extensively cover all aspects of insurance and valuation, and is
expected to train about 25 such graduates, each year.
The Best Student will receive a Gold Medal and cash award, while
the second and third best students, will receive Silver and
Bronze Medals and cash awards, respectively.
The branch of a Ceylinco Islamic Bank was
recently opened at Akkaraipattu Town, under the patronage of Dr.
Z.M Rafeek, the Executive Director and the Chief Executive
Officer of the Ceylinco Profit Sharing and Investment
Corporation Ltd. Picture shows Dr. Z.M Rafeek addressing the
gathering, after opening the Akkaraipattu Branch, and accepting
a deposit from a customer